July 8, 2019
Knowing what you are getting yourself into will help you get better prepared, avoid costly mistakes, find better deals and, most importantly, get the best help.
Being prepared will guarantee that you ask the right questions which will, in turn, show you did your homework and, by itself commands respect and quality services.
Be careful what you which for as you just might get it!
Too many homeowners have been taken advantage of by unscrupulous mortgage brokers who convinced them they could spend more and buy the house they really whished for; the house of their dreams… to find out a little later, or in late 2007 if you live in North America, that their budget couldn’t stretch enough to follow the rise of interest rates.
Mortgage brokers, just as loan officers, by the way, are like salespeople: they have quotas to fill and do receive a commission on the loan they are getting you to sign.
I hope this does give you perspective if and when you are offered a loan for a higher interest rate or for more than you think you can afford as it’s your family’s home you are risking here. It just might be worth it to wait for a little and fix whatever problem, whether it be your credit score, your credit ratio, or your work history, so you can get safer and cheaper financing opportunities.
I hope I don’t offend anyone when I say you shouldn’t trust loan officers any more or less than any other salespeople: most of them are good, honest, and hard-working individuals but they can’t humanly be 100 of the profit (the difference between purchasing cost including the cost of renovations and selling price) if you obey to some guidelines such as not doing it more often than once every 1 or 2 years depending on where you live and, in some places, reinvest your profits in purchasing a more expensive property.
Usually, this is the second time when you should keep a cool head.
Questions you should ask yourself here are:
You must like it if you don’t want to grow to hate it.
Buying a house does require your whole family to make some sacrifices. You have to like your house, at least a little if you don’t want to resent each payment. Watch home makeovers or hire a professional to help you make your house appealing to your senses as this can often be done for little money and make a tremendous difference in how you feel every time you pass your front door. You can’t know it all nor should you have to.
Surround yourself with trustworthy advisers such as an accountant, a lawyer, and a real estate agent who has a reputation of integrity and good negotiation skills. Choose advisors you are comfortable with as you will have to share some intimate information with them.
Have fun as this should if done right and with good advisors, be a very enjoyable process!
Good luck with your purchase.
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